CELENTE: Worst is Yet to Come and It's Coming Soon
CELENTE: Worst is Yet to Come and It's Coming Soon
Jobs that are being cut are at the higher levels of income while the jobs being created are in the low-paying health care and service-sector jobs
NOTE TO READERS: The following is our weekly Economic Update — Market Overview found in this week’s issue of The Trends Journal. Consider subscribing here for in-depth, independent geopolitical and socioeconomic trends and trend forecasts that you won’t find anywhere else.
The worst is yet to come and it is coming soon.
Week after week, for 85 weeks, we have been reporting on job losses in The Trends Journal. As the saying goes, “The fish rots from the head down.”
The jobs that are being cut are at the higher levels of income while the jobs being created are in the low-paying health care and service-sector jobs, leading to even more Americans becoming plantation workers in Slavelandia, which this week’s cover sadly illustrates.
For over a year, we have detailed the number of businesses that are closing in each issue and, and week after week the list keeps growing, and only now is finally making what the mainstream Presstitute media calls “news.”
How’s this for a headline in Newsweek—or more appropriately Newsweak,
“Red Lobster Are Not the Only Restaurants Closing Down.”
“Not the Only Restaurants Closing Down?
No shit.
Blow me away!
We would have never guessed it.
Again, this is just the beginning. Things are going to get much worse. What no one in the mainstream Presstitute media is reporting is that the office occupancy rate in the U.S. is at 50.9 percent, according to Kastle Systems.
And, going back to 2019, before the COVID War was launched in China in January 2020, their Lunar New Year, “The Year of the Rat,” the office vacancy rate in the U.S. was 12.9 percent, according to Cushman & Wakefield.
Today, according to Moody’s, the office vacancy rate in the U.S. is nearly 20 percent. And cities like San Francisco and Portland are at 36 percent and 29 percent, respectively.
This is not rocket science.
With massive amounts of people not commuting to work since the COVID War and office vacancy rates rising, many of the businesses that depended on commuters are going out of business. Among them will be restaurants. With prices of goods and services rising and fewer people commuting and more people living paycheck-to-paycheck, a tough business even in good times, more restaurants will be going out of business.
Again, what we have been forecasting about the Office Building Bust leading to Banks Going Bust has been ignored by the mainstream business media, and when they do report on how bad it is becoming, it is basically downplayed.
Need more proof? This is today’s headline from the Financial Times:
FT goes on to state:
In 2018, Rosen told the Financial Times that the value of RFR’s portfolio had risen to $14bn. The global property sector has not been kind since. He has already been forced out of some of his marquee properties, including the Lever House, and a high profile office to condo site in Midtown Manhattan.
Last week he had $470mn in debt come due on 285 Madison, a 26-storey building near New York’s Grand Central Station worth $610mn when he took out the loans in 2018. In 2022 it was valued at $60mn less than the debt.
RFR is far from the only New York developer feeling the pain from a post-Covid real estate downturn.
“RFR is far from the only New York developer”?
What about the rest of the nation and cities across the globe?
And what about the banks that are holding the loans that won’t get paid?
At the very end of their article, the FT states what we have long noted, but does so with non-threatening childlike language:
“But with $929bn in US commercial mortgage debt set to come due this year according to the Mortgage Bankers Association—about $180bn of which is tied to office properties—investors are watching not just to see what happens to Rosen, but what his challenges herald for the rest of the property industry.”
“Watching not just to see what happens”? “What his challenges herald for the rest of the property industry”?
By their words, the Financial Times is too blind to see and/or understand the Office Building Bust and Banks Go Bust trends shaping the future.
And, not a peep from the Presstitutes about the real, in-your-face economic dangers ahead as commuting to work becomes a trend of the past. As businesses that depended on commuters go under, those businesses that sold them products and services will also go down.
TREND FORECAST: How bad will the Office Building Bust be and what will be the financial and socioeconomic implications?
The reality of the Office Building Bust will become a reality on The Street when the banks holding the defaulted loans go bust. And when the banks go under, equity markets and the global economy will crash… bringing on an economic crisis worse than the Great Depression.
💯